Tata Sons Chairman Emeritus Shri Ratan Tata is investing an undisclosed amount in a Pune-based electric motorcycle startup; Tork Motors. For a while, Tork Motors has been on a lookout for investors to raise funds.
Tork Motors | Highlights
- Tork Motors is preparing to launch its first product in India called the Tork T6X. The Tork T6X is estimated to cost around ₹1.5 lakh once it is launched and will compete with other premium 125cc-200cc motorcycles.
- The T6X electric motorcycle will be powered by a lithium-ion battery which will provide a range of upto 100 kms in a single charge and can be charged upto 80% in an hours time. The T6x will be powered by a 3.5KW battery which will initially be dust and waterproof. The T6X e-motorcycle has been under development for the past 4 years.
- Tork Motors founder and CEO; Mr Kapil Shelke has earlier raised finds from raised funds from auto component giant; Bharat Forge and OLA cabs founder; Bhavish Aggarwal.
- Bharat Forge has invested almost ₹34 crores and holds an equity stake of almost 49% in Tork Motors.
- Bharat forge has also assisted Tork motors in with its product engineering, plant designing, manufacturing and supply chain management.
- As per media reports, Tork Motors is aiming to produce 5,000 units in the very first year of its production starting off from Pune.
- Future plans include expanding to Bangalore and ramping up annual retails to up to 20,000 units.
- In a recent interview when asked about the Ratan Tata’s investment, Mr Shelke said I am glad that Mr Tata’s office representative visited the (Tork’s) factory, understood the concept, evaluated the product and had ridden the (electric) motorcycle. Post this, Mr Tata took an informed decision.
- Adding further, Mr Shelke said We have recently opened up our first fast-charging station in Pune. Our flagship product is ready and we plan to launch it soon. The T6X is a completely indigenized electric motorcycle